Uber (UBER.US) rose over 8% to hit a new all-time high

Uber's (UBER.US) stock hit a record high on Friday, up more than 8% to $84.22 at the time of writing. Its rival Lyft (LYFT.US) also rose, up more than 9% to $13.585 at the time of writing.

On the news, Tesla CEO Elon Musk announced the launch of CyberCab, an autonomous taxi and autonomous Model Y at today's event. The analyst at BofA believes that Uber's network could benefit from competition in autonomous vehicles. As autonomous vehicle companies seek to build and improve their technology, the competitive autonomous vehicle market will make Uber's network more valuable. The analyst at Jefferies also said that Robotaxi's best scenario is Uber.

Uber recently announced partnerships with Waymo, Cruise and WeRide, which supports the view of intense competition in the industry and Uber's strong autonomous vehicle position.